286 Washington Street

Salem, MA 01970

$2,000,000
Last Sold Price
Beds
3
Baths
4,695 Sq. Ft.
$426 / Sq. Ft.
4,695
Sq. Ft.
$426
per Sq. Ft.

Description

Discover an exciting investment opportunity in the heart of historic Salem, MA with this twenty one (21) room rooming house. Perfectly situated in a prime location, this property offers a unique chance to own a meticulously maintained property that has been owned by the same family for over 40 years. Using 2023 numbers this is being offered at an 8% cap rate with projected rents for 2024 bringing to a 9.3% cap rate. A 5% vacancy has already been factored into the gross revenue. This property is to...Discover an exciting investment opportunity in the heart of historic Salem, MA with this twenty one (21) room rooming house. Perfectly situated in a prime location, this property offers a unique chance to own a meticulously maintained property that has been owned by the same family for over 40 years. Using 2023 numbers this is being offered at an 8% cap rate with projected rents for 2024 bringing to a 9.3% cap rate. A 5% vacancy has already been factored into the gross revenue. This property is to be sold with 108-122 lafayette st as a package mls# 73264543 . Landlord is responsible for all utilities including heat/hw, electric and water/sewer. Seller is willing to explore a seller financing deal for the right buyer. Please see attached for detailed incomes and expenses. Rent roll changes weekly but can be provided upon request.
  1. Listed by Francesca Little • Little & Co., REALTORS®

Property Details for 286 Washington Street

Town
Salem
Area
MA-Salem
Garage Spaces
0
Parking Spaces
.00
LISTING UPDATED: 12/09/2024 10:20 AM

Property Details for 286 Washington Street

StatusSold
MLS #73264544
Days on Market98
Taxes$11,188 / year
HOA Fees-
Compass TypeMulti Family
MLS TypeMulti-family / 5+ Family - Rooming House
Year Built1900
CountyEssex County

Building Information for 286 Washington Street

Stories3Residences21Year Built1900Building Size-Lot Size0.07 AC / 2,966 SF

Property Information for 286 Washington Street

General Details
Property Details
  • Building Area Units: Square Feet
  • Community Features: Public Transportation, Park, Laundromat
  • Current Financing: Conv. Fixed
  • Living Area: 4695.0
  • SqFt with Basement: No
  • Total Units: 21
  • Waterfront: No
  • Year Built Details: Approximate
  • Year Built Source: Public Records
Features
Interior Features
  • Num of Baths: 3.0
  • Num of Full Baths: 3
  • Num of Half Baths: 0
  • Bathrooms Total Decimal: 3.00
  • Bathrooms Total Integer: 3
  • FireplaceYN: No
  • Fireplaces: 0
  • SpaYN: No
Exterior Features
  • Lot Description: Other
  • Roof Material: Rubber
Parking Features
  • Covered Spaces: .00
  • Garage: No
Utilities
  • Sewer: City/Town Sewer
  • Water: Public
Property Information
Property Info
  • Farm Land Area Units: Square Feet
  • WARRANTY: No
  • Lot Size Units: Acres
  • Disclosures: Buyers to do their own due diligence to verify all information provided.
Tax Information
  • Tax ID: 2135719
  • Assessments: $987,200
  • Book: 6673
  • Tax Year: 2022
  • Zoning: R3
Building / Association Information
Living Characteristics
  • Beds Total: 0
  • Total Living Levels: 3
Other Building Characteristics
  • Foundation: Stone
Income / Expenses
  • Electricity: $11,790.00
  • Annual Expenses Source: Owner
  • GOI: $229,015.00
  • Gross Scheduled Income: $14,945.00
  • Insurance: $4,374.00
  • GRE: $69,036
  • NOI: $148,528.00
  • Operating Expense: $69,036.00
  • WSE: $4,983.00
Complex & Association Information
  • Adult Community: No
Unit Information
Unit 1 Description
  • Floor U1: 1
  • Lease U1: N
  • Levels U1: 1
Unit 2 Description
  • Floor U2: 1
  • Lease U2: N
  • Levels U2: 1
Rental Info
Rental Info
  • Total Actual Rent: $20,374.00

Property History for 286 Washington Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 286 Washington Street

Taxable ValueLand$145,200Additions$842,000Total$987,200
Tax Record2024$11,471 ($956 / month)
Home Facts
Baths3Total Finished SqFt4,695 SqFtAbove Grade Finished SqFt4,695 SqFtUnfinished Basement SqFt1,565 SqFtStories3Lot Size2,966 SqFtStyleMulti-Family Res (5+ Units)Year Built1900ZoningR3CountyESSEXAPNSALE M:34 L:0259

Schools near 286 Washington Street

This home is within Salem School District.
Rating
School
Type
Grades
Distance
Public - PK to 5
Public - PK to 5
Public - K to 5
Public - K to 5
Rating
School
Distance
Bates Elementary School
PublicPK to 5

Horace Mann Laboratory
PublicPK to 5

Carlton Elementary School
PublicK to 5

Witchcraft Heights Elementary School
PublicK to 5

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Little & Co., REALTORS®, Francesca Little

The property listing data and information, or the images, set forth herein were provided to MLS Property Information Network, Inc., Martha's Vineyard MLS, CCIMLS, Link MLS, and Berkshire County Board of REALTORS from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc., Martha's Vineyard MLS, CCIMLS, Link MLS, and Berkshire County Board of REALTORS. The property listing data and information, and the images, are for the personal, non-commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc., Martha's Vineyard MLS, CCIMLS, Link MLS, and Berkshire County Board of REALTORS and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information, or as to the accuracy of any of the images, set forth herein.